The BRICS countries highlighted serious concerns over the rise of unilateral tariffs and non-tariff measures that are inconsistent with World Trade Organization rules, India Today reported. The declaration highlighted the need for engagements in conflict prevention efforts and addressing the root causes of conflicts, reiterating its commitment to the peaceful resolution of international disputes with dialogue, consultation, and diplomacy.
They had been in discussion for a few days before the summit to agree on a joint statement by the leaders. PM Modi also had a bilateral discussion with Iranian President Masoud Pezeshikan on Friday. They met for the second time in two weeks and discussed India-Iran relations. Pezeshkian said that the trip to India is “more special because it is his first visit” to the country.
The BRICS countries also discussed a multilateral approach that respects diverse national viewpoints. And in the aspect of trade, the BRICS countries highlighted concerns over the expanding use of unilateral tariffs and non-tariff measures.
The declaration also criticized the use of one-sided measures that go against international law. And for financial corporations, the countries advocated the continuation of discussion aimed at facilitating practical solutions for cross-border payments among BRICS countries.
The joint statement called for the immediate implementation of the quota increases for Emerging Market and Developing Economies (EMDEs) at the International Monetary Fund (IMF), agreed under the 16th General Review of Quotas (GRQ), to protect the quota shares of the poorest members.
“We also believe that any voluntary financial contributions should not influence quota allocation, governance representation, and voting power,” it added.
“We acknowledge the work done to study the cross-border interoperability of payment and messaging channels and the discussions on promoting trade settlements and investments using BRICS local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach.
“We encourage the BPTF (Brics Payment Task Force) to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among Brics countries, which are fast, low-cost, more accessible, efficient, transparent, and safe,” the statement said.
